About company
Atlas is a financial technology company operating in the United States, offering a unique approach to credit accessibility. Positioned as an alternative to traditional credit cards, Atlas aims to streamline the credit-building process for individuals, particularly those without an established credit history. What sets Atlas apart is its emphasis on ease of access and simplicity, boasting high approval rates and a straightforward application process. With a focus on inclusivity, Atlas targets a demographic often underserved by traditional financial institutions, offering a solution that aligns with modern consumer needs.
The core philosophy of Atlas revolves around providing a user-friendly platform that promotes responsible financial behavior while offering tangible benefits. By leveraging innovative technologies and partnerships, Atlas aims to empower its users to build credit, manage expenses, and save money effectively. While adhering to regulatory standards and industry best practices, Atlas positions itself as a reliable and trustworthy option within the evolving landscape of financial technology.
Key features
- High Approval Rates. Atlas boasts approval rates exceeding 95%, significantly higher than traditional credit card issuers, making it accessible to a broader range of individuals, including those without a credit history.
- Credit Building. Designed to assist users in building credit, Atlas reports on-time payments to all three major credit bureaus (Equifax, Experian, and TransUnion), thereby helping users establish a positive credit history over time.
- Safe Spending Limits. Users are provided with safe spending limits that grow over time, tailored to individual financial circumstances, promoting responsible spending habits and financial stability.
Pros and cons
Pros
Cons
Reliability
Atlas positions itself as a reputable financial technology company committed to providing secure and dependable services to its users. With industry-leading security practices, regular audits, and robust fraud protection measures in place, Atlas prioritizes the safety and integrity of its platform. Additionally, its partnerships with established financial institutions such as Evolve Bank & Trust and Patriot Bank N.A. lend further credibility to its operations.
With a rating of 4.7 stars from over 10.3 thousand reviews on Google Play and a rating of 4.6 stars from approximately 19.6 thousand ratings on the App Store, Atlas generally garners positive feedback from its user base. While these ratings suggest a high level of user satisfaction with the platform, individual experiences may vary, and users are encouraged to consider their specific needs and preferences when evaluating the reliability of Atlas for their financial needs.
Products
- Atlas Credit Card. The primary product offered by Atlas is its credit card, designed to cater to individuals with limited or no credit history. This card comes with features such as high approval rates, 0% APR, cash-back rewards, and credit-building opportunities.
- Virtual Cards. Atlas provides virtual cards that users can use for online purchases and subscription management. These virtual cards offer added security and convenience, allowing users to control their spending and manage recurring payments easily.
Other services Atlas offers
- Savings Opportunities. Through partnerships with various vendors, Atlas offers savings opportunities such as cash-back rewards on everyday purchases, bill negotiation services, and discounts at participating stores. These savings features help users maximize their purchasing power and reduce expenses.
- Additional Benefits. Atlas provides additional benefits to its users, including Cell Phone Protection, Extended Warranty Protection, Auto Rental Coverage, and Travel and Emergency Assistance. These benefits enhance user security and provide peace of mind during financial transactions and travel.
Conditions and requirements
Conditions
- 0% APR. Atlas offers a 0% Annual Percentage Rate (APR) on purchases, ensuring that users do not incur interest charges on their balances, providing financial flexibility and savings opportunities.
- Cash Back Rewards. Users can earn cash-back rewards on eligible purchases, including gas, food delivery, coffee shops, and more, with partnerships at over 50,000 locations.
- Credit Building. Atlas reports on-time payments to all three major credit bureaus (Equifax, Experian, and TransUnion), assisting users in establishing or improving their credit scores over time.
- Safe Spending Limits. Users are provided with spending limits that grow over time, tailored to individual financial circumstances, promoting responsible spending habits and financial stability.
Requirements
- Identity Verification. To use the Atlas platform and services, clients must undergo a successful identity verification process, which is required for account activation and access.
- Bank Account Connection. Clients are required to connect their primary bank account to Atlas to receive a spending limit tailored to their financial situation and to enable features such as autopay and transaction tracking.
- Payment Responsibility. Clients must make on-time payments for their Atlas credit card balance to maintain a positive credit history and avoid late fees or negative impacts on their credit score.
- Monthly Membership Fee. Clients are required to pay a monthly membership fee of $8.99 or an annual fee of $89, which covers access to Atlas services, including a deposit account, credit tracking, and subscription management.
Network of ATMs
Atlas does not operate its network of ATMs. However, as a Mastercard issuer, Atlas credit cards can typically be used at any ATM that accepts Mastercard for cash withdrawals. While using an ATM with a credit card may incur cash advance fees and interest charges, it provides users with additional flexibility in accessing funds when needed. Additionally, users can utilize the Atlas mobile app or website to locate nearby ATMs that accept Mastercard, ensuring convenience and accessibility for cash withdrawals while on the go.
Apps like Atlas
- Kikoff. Kikoff's Credit Account offers a unique approach to credit-building, providing users with a revolving line of credit similar to a credit card. With a credit line of up to $750, users can make purchases from the Kikoff store and gradually improve their credit by making online monthly payments. The account has no credit check upon sign-up and charges a $5 monthly fee, which is included in the credit line. Users won't pay interest or late fees, simplifying the process of building credit.
- MoneyLion. Renowned for its effectiveness in boosting credit scores, MoneyLion helps users increase their credit score significantly within a short period. Through the Credit Builder Plus loan, users can access funds immediately, with the remaining amount stored in a reserve account. However, there's a $19.99 monthly fee for MoneyLion's services, which may be a consideration for budget-conscious users.
- Sable. Sable offers individuals the opportunity to establish credit history with a secured credit card. With diligent payment habits, users may graduate to an unsecured card in a short time, and Sable refunds the initial deposit if payments are made consistently. The card offers perks like 2% cash back at select retailers and 1% cash back on other purchases, enhancing the user experience directly through a mobile app.
- Sesame Cash. Provided by Credit Sesame, Sesame Cash offers a virtual secured credit card to help users build credit history. Users allocate funds to the card and make purchases, with some transactions reported to credit bureaus to establish payment history. Sesame Cash incentivizes credit score improvement by offering $100 for a 100-point increase within 30 days, making it a potentially rewarding option for diligent users.
Editorial opinion
Additional Resources
- Atlas Reviews
